Mortgage rates inched down this holiday week to a national average of 4.95 percent following a slight dip in Treasury yields.
Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.6 point for the week ending February 24, 2011, up from last week when it averaged 5 percent. Last year at this time, the 30-year FRM averaged 5.05 percent.
Mortgage rates tend to track the yield on the 10-year Treasury note, which slipped this week after the White House unveiled its $3.7 trillion budget request for the next fiscal year. The yield had spiked last week on fears of higher inflation.
Primary Mortgage Market Survey [Freddie Mac]